The retailer and wholesaler of menswear brands including Kent Curwen, Gieves Hawkes, and Cerruti 1881, said late on Thursday Ruyi would buy 1.85 billion new shares at HK$1.20 apiece, or a 60 percent premium over the stock’s previous closing price.

The announcement sent Trinity shares to their highest in 20 months at HK$0.99 on Friday morning before trimming gains to HK$0.87, still up 16 percent. That compared with a 0.01 percent gain the benchmark index .HSI.

Ruyi, which operates 13 industrial parks in China and over 3,000 points of sale in the Asia-Pacific region, will continue Trinity’s existing business and does not intend to dispose of any assets, Trinity said in a filing to the Hong Kong bourse.

Fung Retailing Ltd, which currently owns 40.95 pct of Trinity, will remain a substantial shareholder on completion of the deal holding 19.79 percent.

Ruyi has a distribution and point of sales network that services a global customer base. It has over 20 subsidiaries including listed firms Shandong Ruyi Woolen Garment Group Co Ltd (002193.SZ), SMCP SAS (SMCP.PA) and Renown Inc (3606.T).